Retail sales fell, speeding up adjustments in the core area

The local social disputes continued, the decline in passenger figures and retail business, as well as the decline in local consumption

the poor business climate, the increase in the number of shops in the early years of the year, and the most bleak sales of luxury goods, which accelerated the adjustment of rents in the core area.

Both recent figures show that the retail industry has entered a cold winter. According to statistics from the Immigration Department, the number of inbound passengers on the first 6 days of October was 814,000, down 53% year-on-year. Therefore, the Golden Week this year was very quiet.

In addition, the provisional estimate of the value of total retail sales in August was $29.4 billion, a decrease of 23%

Retail sales have fallen for seven months and recorded the largest monthly decline since records. I believe the figures for September. Also not as good.

Local events have seriously affected retail, special core retail areas, and demonstrations and conflicts have occurred on weekends. Merchants have been forced to close their doors. Even recently, some shopping malls have closed all day, and transportation facilities have not fully responded. Retail and catering businesses are definitely affected. Strike.

Under this circumstance, there are basically not many retailers willing to expand their business. The most urgent task is to keep the business. Therefore, the rental market is extremely quiet. Even if the owners reduce rents, it is not enough to attract merchants.

After the Lunar New Year, the abandonment of rent is more serious

The renting of rents is basically difficult to change. The Minsheng District, which is dominated by local consumption, is expected to have a smaller decline, while the decline in the core area is certainly not trivial. According to retail sales in August, among all consumer goods, watch and jewellery was the hardest hit, down 47.4% year-on-year.

According to some owners of operating watches, the business fell by 7 to 80% in September. In the first-line area of ​​the core area, it is mostly supported by luxury goods and pharmacies. Under this bad situation, contraction is inevitable. It is certain that some merchants have decided to move out in the cold winter. After the Christmas and Lunar New Year, the merchants’ abandonment of rents is believed to be more serious. The number of Jipu shops in the core area will increase. At that time, the industry will further reduce prices, which is expected to attract customers and the rent decline will intensify.

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